NASDAQ$JRVR
James River Group Holdings Inc · Q3 2023 earnings
Q3 2023 earnings · · Investor relations
Briefing
Reported net income and adjusted net operating income.
James River Group Holdings reported a net income available to common shareholders of $16.9 million, or $0.45 per diluted share, for the third quarter of 2023. The adjusted net operating income was $18.3 million, or $0.48 per diluted share. The company's E&S segment benefited from strong trading conditions, with renewal rate increases of 12% and premium growth in Core E&S divisions exceeding 10%.
- Group combined ratio of 96.2% and Excess and Surplus Lines segment combined ratio of 88.4%.
- Core E&S gross written premium increased 10.3% compared to the prior year quarter.
- E&S segment renewal rate change increased 12.4% from the prior year quarter.
- Net investment income increased 52.0% compared to the prior year quarter.
Headline financials
Revenue & EPS history
James River · Revenue · Quarterly
$233M
Revenue by segment
James River · $184M total across 2 segments · Q3 2023
- Excess and Surplus Lines$158M+13.3%85.8%
- Specialty Admitted Insurance$26.1M+46.3%14.2%
Forward guidance
James River is focused on refocusing resources on businesses with meaningful scale and profitability. Exposure reductions in commercial auto and increased new business opportunities position the company well for the remainder of 2023 and into 2024.
Tailwinds
- Continued execution on strategy of refocusing resources.
- E&S segment benefiting from strong trading conditions.
- Renewal rate increases of 12% in E&S segment.
- Greater than 10% premium growth in Core E&S divisions.
- Exposure reductions in commercial auto portfolio.
Headwinds
- Identified an error in the accounting for reinstatement premium on a specialty casualty reinsurance treaty.
- Error resulted in overstatements of net income of $7.8 million for the three months ended June 30, 2023.
- Control over the review of the determination of when reinstatement premiums for reinsurance should be recognized did not operate effectively.
- Resulting in a material weakness in the Company's internal control over financial reporting.
- Premium retention in the E&S segment was lower than recent periods and net written premium declined 12.7% from the prior year quarter due to the impact of a new casualty reinsurance treaty put in place for the segment.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q3 2023
-3.3%
Avg return
Earnings day
-5.5%
Avg return
5 days after
-6.3%
Avg return
30 days after
24%
12 / 49 earnings
Positive
+14.7%
Q3 2025
Best reaction
-28.4%
Q4 2024
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -23.6% | -32.3% | -35.7% | |
| Q4 2025 | -6.5% | -9.3% | -14.2% | |
| Q3 2025 | +14.7% | +6.6% | +15.3% | |
| Q1 2025 | -1.2% | -5.1% | +19.3% | |
| Q4 2024 | -28.4% | -16.9% | -17.6% | |
| Q3 2024 | -24.3% | -29.3% | -30.4% | |
| Q2 2024 | -8.3% | -6.4% | -11.4% | |
| Q1 2024 | -7.9% | -6.8% | -12.5% | |
| Q4 2023 | -5.6% | -6.7% | -12.1% | |
| Q3 2023 | -6.5% | -34.4% | -37.3% | |
| Q2 2023 | -8.1% | -9.2% | -17.8% | |
| Q1 2023 | +4.4% | +6.6% | -2.8% | |
| Q4 2022 | +8.7% | +10.2% | -6.6% | |
| Q3 2022 | -5.3% | -9.2% | -4.5% | |
| Q2 2022 | -1.3% | +2.3% | +0.0% | |
| Q1 2022 | +6.6% | +13.0% | +12.3% | |
| Q4 2021 | -19.3% | -21.8% | -8.6% | |
| Q3 2021 | -2.0% | -3.9% | -20.0% | |
| Q2 2021 | +4.5% | +5.6% | -0.5% | |
| Q1 2021 | -27.6% | -26.0% | -24.3% | |
| Q4 2020 | -1.9% | -5.9% | -7.1% | |
| Q3 2020 | -4.4% | -9.2% | -9.9% | |
| Q2 2020 | +2.0% | +1.0% | +6.2% | |
| Q1 2020 | -3.5% | -7.8% | +5.2% | |
| Q4 2019 | +5.9% | +3.2% | -33.6% | |
| Q3 2019 | -1.3% | -1.0% | +14.5% | |
| Q2 2019 | -2.1% | -1.4% | +2.9% | |
| Q1 2019 | +3.0% | +8.9% | +5.6% | |
| Q4 2018 | -3.0% | -2.5% | -5.5% | |
| Q3 2018 | -3.8% | -9.6% | -3.7% | |
| Q2 2018 | -0.2% | -3.2% | -1.1% | |
| Q1 2018 | +5.3% | +4.3% | +6.8% | |
| Q4 2017 | -13.2% | -15.8% | -14.0% | |
| Q3 2017 | -2.7% | -1.9% | -4.1% | |
| Q2 2017 | -0.6% | -0.2% | -0.7% | |
| Q1 2017 | -1.7% | -5.2% | -9.1% | |
| Q4 2016 | +4.8% | +4.1% | -2.2% | |
| Q3 2016 | -2.0% | -1.6% | +3.8% | |
| Q2 2016 | +0.8% | +3.8% | +9.8% | |
| Q1 2016 | +5.5% | — | — | |
| Q4 2013 | -0.6% | — | — | |
| Q4 2015 | -5.7% | — | — | |
| Q3 2014 | -2.2% | — | — | |
| Q3 2015 | -2.2% | — | — | |
| Q2 2014 | -0.4% | — | — | |
| Q2 2015 | -0.4% | — | — | |
| Q1 2014 | -0.5% | — | — | |
| Q1 2015 | -0.5% | — | — | |
| Q4 2014 | -0.5% | — | — | |
| Q3 2013 | — | — | — | |
| Q2 2013 | — | — | — | |
| Q1 2013 | — | — | — |
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